29A – Venture Concept No. 2

Opportunity
              My opportunity would be a company that is a supplier of all types of wakeboards and boots that consumers can try out before they purchase it. With this service the people that would be the potential customers would be people into watersports and wakeboarding. Whether it be a father buying it for his son or daughter or an adult buying it for themselves. The nature behind this need is that wakeboard setups are very expensive. Because of this you want to make sure you are going like what you spend your money on and not buy something you don’t like. With this there are many different things that would force a change and that is a higher demand for watersport boats. They are constantly having higher competition between companies which is causing consumers to buy more products. Because this sport takes place on the water geographically it would be best if it was located in a central area with lakes nearby. Also, it would need to be located in a little bit nicer area demographically because of the cost of all of the materials. It would be best in a well populated area as well. Right now, people usually buy based on the price of the product and that how they are getting by. But, when they buy from a certain company they are usually loyal to them and will usually only shop from them. I can say this from personal experience and talking with pro riders and their experiences. This is a growing opportunity with the fact that there is an increase in the demand for boats and watersport related goods. This opportunity will be open for a little bit but not for too long because of the growing demand. Someone will come up with a similar company to do the same process.

Innovation
              People always want to try out the product before they buy it if they are unsure of how they will like it. With new products you usually can’t do this, and it can cause some people to purchase the wrong thing. They could buy something they think they like but it actually turns out that they don’t like the product that they purchased. With Wake Demo though they would be able to not face this problem. This company will allow you to try out any wakeboard setup of your choice that you are thinking about purchasing. When you come into the store you would pick out the board and bindings that you like and then tell them that you want to demo it. After that they will prep the board for the water and then come meet you at the front. They way you get it though is that you have to pay 50 dollars to use the product and leave your drivers license. At the end you do not get your money back if you give the board back but if you like that one and decide to purchase it then that 50 dollars goes towards your final purchase. It is proven that people are more likely to buy a product if they have had the opportunity to try it out beforehand. Because of this I will then be able to make a sale averaging right around 500 dollars.

Venture Concept
              With the increase in boats and consumer demand there will be in increase in my product because they are compliments. Majority of consumers are not happy with their board after a few years because of the new technology that comes out. Customers will buy my product because of having the opportunity of trying it out first most other companies do not offer this option. With this option customers will switch to my company because I will be carrying all of the same products as other companies if not more and will allow them to try it out beforehand. My main competitors would be other watersports shops or companies that sell watersports gear. Their main weakness is not allowing the consumer to try out the product before they purchase it. My location would be right next to my work partners warehouse where I could have my materials shipped. This will lower my costs because of how close it is which will allow me to be able to lower the price for my potential customers. Also, my customers would be very loyal because of the option to be able to try it out before buying it. They could do this whenever they please when looking to buy new products. My business would be located in the south and consist of about 50 employees. Their roles would be to help the company do its daily functions and to help see the merchandise.

Minor Elements
              My advantage to my company would be my employees. My main board is all people that I know and can trust with anything. They each bring great qualities to the table and offer different characteristics. I can see that there could be possible problems working with friends. But, I have chosen people that I get along with and know that I can trust fully. The secret sauce would be having a pro rider as an employee because he knows an abundance of information and will constantly attract business. The next thing that I would do for my existing customers would be allowing for more demos on different goods as well. It’s not only wakeboards that face this problem many other watersports related goods are expensive, and you cannot try them out. This would be the next step for the company to try and improve and always keep on moving forward. With the completion of this company I would want to see myself as a millionaire in five years with this company and to also be a licensed boat dealer. As an entrepreneur I want to be successful in the things that I create or put my mind too. In a decade I want to see myself as an owner of many small business and very successful.

Feedback

            A lot of the feedback that I got was about my employees. I feel like this is a huge part of a company and a vital part. This was the feedback that that I got, and I spoke more about it.

Change

            I was able to change my concept based on the fact of the employee base. I was able to go more into detail about the different scenarios. There would not be conflict with the employees because of their knowledge of the product and the system.